Carasent ASA: Carasent ASA acquires Avans Soma AS

Press release 
December 10, 2020

Carasent ASA acquires Avans Soma AS

Carasent ASA has acquired the Norwegian company Avans Soma AS, developer of
leading medical record systems and IT solutions in the Norwegian health care

We are very pleased to have completed this transaction as Avans Soma, with its
strong presence in the Norwegian health care market, constitutes a foundation
for our further establishment in Norway and other growth opportunities in new
segments, says Johan Lindqvist, Chairman of the Board of Carasent.

Avans Soma is characterized by a large loyal customer base and stable market
share growth during the last 15 years. This will provide a smooth access into
the Norwegian health care market for Carasent.

- An existing organization in Norway, with the solid knowledge and experience
that we see within Avans Soma, is extremely important. It creates great value,
in terms of being able to use existing technical systems integrations and
solutions that Avans Soma provides today. Through its robust organization of 25
highly competent employees, Avans Soma will also offer tangible guidance
regarding sales, support and consulting in the Norwegian market, he says and

- The wide range of contacts and business networks that Avans Soma developed
over the past 15 years, in terms of customers and clients within the Norwegian
healthcare market, private as well as public sector organizations, and partner
relationships, represents an important strategic asset for the joint company.
Avans Soma serves more than 140 customers, with a strong market share within the
key segments.

The acquisition of Avans Soma and their products for social care and mental
illness rehabilitation, results in a broadened product portfolio and the new
collaboration enables Avans Soma to intensify its work towards offering
SaaS-based services. Hence, there are strong organic growth opportunities both
from the existing customer base and from winning new clients.

Avans Soma's revenues and EBITDA was approximately NOK 24 million and NOK 6
million as per LTM Sep-2020, with an annually recurring revenue ("ARR") of
approx. NOK 21 million.

The agreed purchase price is NOK 122.5 million, corresponding to an enterprise
value of NOK 125 million less Avans Soma's consolidated net debt position of NOK
2.5 million (the ("Purchase Price").

The transaction purchase price has been settled as follows:

- 50% of the Purchase Price in cash upon closing,

- 50% of the Purchase Price as shares in Carasent valued at a price of NOK 27.7
per share (the "Share Settlement").

The majority shareholder of Avans Soma, Norwegian family office Rieber & Søn,
will become a large shareholder in Carasent with approximately 2% of the
outstanding shares following the transaction. All selling shareholders have
entered into a lock-up agreement of 15 months on the Share Settlement.

DNB Markets acted as financial advisor to Carasent in connection with the


About the companies:

Carasent ASA:
Carasent ASA was founded in 1997. In May 2018 the Swedish company Evimeria EMR
AB, a company providing cloud-based medical record services to the health care
industry, was acquired. Carasent's strategy is to develop and expand
digitalization that helps customers in providing efficient and qualitative
health care services in the Scandinavian market.

Avans Soma AS:
Avans Soma is a Norwegian company that develops and sells digital systems and
tools adapted for users in the segments for health care, rehabilitation and
mental illness. Avans Soma currently has 25 employees in offices in Oslo, Bergen
and Dale.

For further information, please contact: Johan Lindqvist, Chairman Carasent ASA
Phone: +46 733 550935

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